It explains a lot about our current situation (economically, climate etc).This thread is definitely showing the ages of posters mind you
It explains a lot about our current situation (economically, climate etc).This thread is definitely showing the ages of posters mind you
It explains a lot about our current situation (economically, climate etc).
Yeah I agree its much easier to find out information now. At 43, my period of activity coincided with the start of the internet where much more information could be found on things.I don't know how old you are but things are very different now to how they were in the 80s and 90s.
I don't think it does really, there are typically no personal consequences for these people, who can be long since retired. Its the organisation, and in the case of the NHS, us taxpayers, who are paying for these things.Or put it this way, it makes people, or in this instance, EXPERTS, accountable for their actions.
How about that?
A lot of these deals ran for 20+ years. So it isn't just ostrich behaviour at the beginning but for the next 2 decades. It just seems so utterly irresponsible.
I think part of the problem is that a lot of people never want to take personal responsibility, which is why it's been so easily historically to mis-sell things, and why so many checks are put into place now. It's a bit annoying for those of us who are prepared to put in the graft, read the small print and live within our means. We're the ones who eventually end up paying for bailing others out.
Showing your age with that comment as well.Not really, the younger generation just slam everything on tic and try to pretend it's ok.
I don't think it does really, there are typically no personal consequences for these people, who can be long since retired. Its the organisation, and in the case of the NHS, us taxpayers, who are paying for these things.
Agreed, we were the same. Banks, advisers were all saying go for the endowment policy and interest only mortgage. There was never any suggestion that things may not go as well as the projections suggested. Ours didn't perform as well as "forecast" and we transferred onto a capital/interest product eventually.And that was that, no discussion, nothing. The endowment mortgage was the one to go for at the time, it was generally accepted as being by far the best option. Literally millions of people were told that it would pay off the balance at the end of the term and also provide a good lump sum. I don't know how you can't accept that unless it's just you doing what you always do, sticking your nose in and deliberately posting totrollantagonise people.
Showing your age with that comment as well.
This thread is definitely showing the ages of posters mind you
Seems like a prudent approach to how you finance the roof above your head.Or stick it out crossing fingers and toes.
I think you are projecting -- I only know of one lad in my friend group whose got into trouble with credit.But yeah, people my age and younger are known to nuke credit, knowing how crap it all is. I just find it funny that our generation are mocking the older ones for being mis-sold endowments when half of us are terrible with credit that we know exactly what's what.
To be fair, its the same now with interest rates. Took a 5 year fix (thankfully) but with full knowledge that house prices are inflated and that the economy was likely to be screwed. Quite how screwed has become more obvious since but still. Thing is, what can you do?Seems like a prudent approach to how you finance the roof above your head.
Seems like a prudent approach to how you finance the roof above your head.
it's impossible to be an expert in everything
You've been posting in GD long enough to know that's clearly not true
I think you are projecting -- I only know of one lad in my friend group whose got into trouble with credit.
Not really. There's a reason why companies like Klarna are doing so well. Just because your close group of friends are OK financially (and you seem to be doing nicely), it doesn't mean the masses aren't.
You're being terribly naive if you think that tbh.
Right, but in all fairness I didn't suggest the 50% of youth are crap at credit. Being "crap at credit" is a loose statement as well, given how few understand credit is GOOD for making more money, if managed well. And the latter "if managed well" isn't the cop out a lot of people seem to want it to be.Not really. There's a reason why companies like Klarna are doing so well. Just because your close group of friends are OK financially (and you seem to be doing nicely), it doesn't mean the masses aren't.
You're being terribly naive if you think that tbh.
People my age are a lot more open with finances than previous generations. We don't gauge wealth on whether there is a brand new car on the drive paid for on tick using an endowment instrument, for example.It's also extremely naive to assume everyone in his friend group would actually tell the rest of them if they were in trouble...
People my age are a lot more open with finances than previous generations. We don't gauge wealth on whether there is a brand new car on the drive paid for on tick using an endowment instrument, for example.